Against a backdrop of soft near-term fundamentals, exceptionally weak spot market pricing and plummeting Nymex futures, regional natural gas forwards came under widespread bearish pressure during the March 7-13 trading period, NGI’s Forward Look data show.

For a market still threading the needle between near-term oversupply and anticipated future demand growth, selling was weighted toward the front of the curve. Henry Hub April fixed prices shed 20-plus cents week/week for April, May and June 2024 delivery, Forward Look data show.

Front month fixed prices for the benchmark dropped 27.4 cents for the period to $1.663/MMBtu.

‘Incredibly Weak’ Physical Market

A near total absence of winter heating demand has left storage inventories brimming with excess molecules as the...